Buy UTNP on Uniswap while paying almost no gas for the swap

This article will explain how you can buy UTNP on Uniswap — while paying almost no gas for the swap.

See also: Sell UTNP on Uniswap while paying almost no gas for the swap.

Gas prices on Ethereum are pretty absurd. In this article, we will use Uniswap on Arbitrum (not on Ethereum).

Arbitrum is an optimistic rollups L2 network that is aimed to solve Ethereum’s scaling problems. The beauty of Arbitrum (and other rollups-based L2 networks) is…

  1. transactions are confirmed almost instantly, and
  2. you will pay $1 or $2 for your transaction, and
  3. these L2 networks inherit security from Ethereum.

In other words, Arbitum feels exactly like interacting with Ethereum, but with transactions costing a fraction of what they do on L1.

At the time of this writing, Arbitrum sees 80k unique users monthly with 30k transactions a day. The TVL on Arbitrum is $2b and growing.

Click here if you want to learn more about optimistic rollups L2 networks and Uniswap on Arbitrum.

Before you can buy UTNP on L2, you will need to bridge USDC to the Arbitrum L2 network. Here are the steps:

  1. Navigate to the Arbitrum bridge
  2. Click on the button labelled Token
  3. Paste the USDC token address on Ethereum: 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48
  4. Press Enter
  5. Click on USDC
  6. Enter the amount of USDC you will want to bridge
  7. Click on the button labelled Deposit

Please wait for your transaction to get mined. It will take 10 minutes for you to see your balance credited on L2.

While you are waiting, you can add the Arbitrum L2 network to MetaMask. Here are the steps:

  1. Click on the MetaMask icon and unlock it with your MetaMask password
  2. Click on Ethereum in the upper-right corner and then click on Add Network
  3. Enter the following RPC URL: https://arb1.arbitrum.io/rpc
  4. Enter the following Chain ID: 42161
  5. Enter the following Current Symbol (thank god Arbitrum does not introduce a new token): ETH
  6. Enter the following Block Explorer URL: https://arbiscan.io
  7. Click on the button labelled Save

Now that you have bridged your USDC to Arbitrum, you can buy UTNP on Uniswap. Here are the steps:

1. Navigate to Uniswap

2. Click on the MetaMask icon and unlock it with your MetaMask password

3. Click on Ethereum in the upper-right corner and then click on Arbitrum

4. Uniswap should automatically switch to the Arbitrum network for you. If it does not, then you can select Arbitrum from this Uniswap dropdown:

5. Click on ETH. A popup window appears. Click on USDC.

6. Click on Select a token. A popup window appears. Paste the WUTN (aka Wrapped Universa) address on Arbitrum: 0x3f872d9634089252212cd9c00e107988b89c9142

7. Click on the button labelled Import

8. Enter the amount of USDC you will want to spend, or click on (Max).

9. Click on Swap. Last but not least, you will need to confirm the transaction in your wallet.

Congratulations! You have swapped your USDC for WUTN while paying only $1 or $2 for the swap.

Assuming you will want to unwrap your newly purchased WUTN to UTNP, the 1st thing you will need to do is bridge your WUTN from Arbitrum to Ethereum. Here are the steps:

  1. Navigate to the Arbitrum bridge
  2. Click on the rounded button with the down arrow. The button labelled Deposit should change in Withdraw
  3. Click on the button labelled Token
  4. Paste the WUTN token address on Arbitrum: 0x3f872d9634089252212cd9c00e107988b89c9142
  5. Press Enter
  6. Click on Wrapped UTN
  7. Click on the button labelled max amount
  8. Click on the button labelled Withdraw

Once initiated, you will have to wait 1 week, after which you will be able to claim your funds on Ethereum (L1)

The 2nd thing you will need to do — once your WUTN arrived on Ethereum (L1) — is unwrap your WUTN to UTNP. Here are the steps:

  1. Navigate to etherscan.io
  2. Search for the WUTN contract address on Ethereum: 0xd4e7A6E7f9aA5909036338a3C4cD57319d613190
  3. Click on the tab labelled Contract
  4. Click on the button labelled Write Contract
  5. Click on Connect to Web3 and connect to your wallet
  6. Click on unwrap
  7. Enter the amount of WUTN tokens you would like to unwrap, multiplied by 1e18. If you are unsure how much WUTN you have, copy it from balanceOf under the tab labelled Read Contract.
  8. Click on the button labelled Write
  9. Wait for the transaction to get mined. Your wallet will be credited with the same amount of UTNP immediately.

Is WUTN secure?

Maybe. No independent audit has been or will be commissioned. You are encouraged to read the code and decide for yourself whether it’s secure.

Support

WUTN is free, unsupported software. But if you got questions, you are welcome to join this Telegram group.

Disclaimer

WUTN is provided free of charge. There is no warranty. The authors do not assume any responsibility for bugs, vulnerabilities, or any other technical defects.

WUTN is not affiliated, associated, authorized, endorsed by, or in any way officially connected with universablockchain.com, or any of its subsidiaries.

Use at your own risk.

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Delphi/Rust/Go developer. Ethereum consultant. Embarcadero MVP. Ex-Adobe, Macromedia. Helped build 1Password.

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Stefan

Stefan

Delphi/Rust/Go developer. Ethereum consultant. Embarcadero MVP. Ex-Adobe, Macromedia. Helped build 1Password.

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